2022-07-012023-06-302023-06-30false01272853ROBERT FOSTER AND SON 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ROBERT FOSTER AND SON LIMITED

Registered Number
01272853
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2023

ROBERT FOSTER AND SON LIMITED
Company Information
for the year from 1 July 2022 to 30 June 2023

Directors

Mr P Foster
Mr M Foster

Company Secretary

Mr M Foster

Registered Address

111 Monks Rd
Lincoln
Lincolnshire
LN2 5HT

Registered Number

01272853 (England and Wales)
ROBERT FOSTER AND SON LIMITED
Balance Sheet as at
30 June 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets7159,806172,285
Investments8297227
160,103172,512
Current assets
Stocks916,67514,400
Debtors1030,19029,273
Cash at bank and on hand203,546108,914
250,411152,587
Creditors amounts falling due within one year11(104,723)(76,487)
Net current assets (liabilities)145,68876,100
Total assets less current liabilities305,791248,612
Provisions for liabilities12(9,111)-
Net assets296,680248,612
Capital and reserves
Called up share capital960960
Share premium4,1604,160
Other reserves480480
Profit and loss account291,080243,012
Shareholders' funds296,680248,612
The financial statements were approved and authorised for issue by the Board of Directors on 24 January 2024, and are signed on its behalf by:
Mr M Foster
Director
Mr P Foster
Director

Registered Company No. 01272853
ROBERT FOSTER AND SON LIMITED
Notes to the Financial Statements
for the year ended 30 June 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
3.Principal activities
The principal activity of the company is that of a butcher.
4.Basis of measurement used in financial statements
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
5.Accounting policies
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-100
Plant and machinery15-
Fixtures and fittings15-
Vehicles25-
Stocks policy
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Revenue recognition policy
Turnover comprises the fair value of the consideration received or receivable for the sale of meat and associated products. Turnover is shown net of sales/value added tax, returns, rebates and discounts. The company recognises revenue when: The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.
Taxation policy
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Government grants and other government assistance policy
Government grants are accounted for using either the performance model or the accruals model, depending on the class of the grant. Income from grants classed under the performance model is recognised when any performance conditions are met, which may be immediately if there are no performance conditions. Income from grants classed under the accruals model is recognised systematically over the period in which related costs are recognised or, if related to an asset, over the useful life of that asset.
Investments policy
Listed investments are measured at fair value where the difference between cost and fair value is material. Changes in fair value are included in the profit and loss account.
Employee benefits policy
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
6.Employee information

20232022
Average number of employees during the year1919
7.Property, plant and equipment

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Total

£££££
Cost or valuation
At 01 July 22148,313107,24269,96633,902359,423
Additions-797--797
At 30 June 23148,313108,03969,96633,902360,220
Depreciation and impairment
At 01 July 2242,45669,60753,72921,346187,138
Charge for year1,4835,7284,1651,90013,276
At 30 June 2343,93975,33557,89423,246200,414
Net book value
At 30 June 23104,37432,70412,07210,656159,806
At 30 June 22105,85737,63516,23712,556172,285
8.Fixed asset investments

Other investments1

Total

££
Cost or valuation
At 01 July 22227227
Revaluations7070
At 30 June 23297297
Net book value
At 30 June 23297297
At 30 June 22227227

Notes

1Other investments other than loans
9.Stocks

2023

2022

££
Finished goods16,67514,400
Total16,67514,400
10.Debtors

2023

2022

££
Trade debtors / trade receivables18,56016,900
Other debtors2,1693,374
Prepayments and accrued income9,4618,999
Total30,19029,273
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
11.Creditors within one year

2023

2022

££
Trade creditors / trade payables94,54960,920
Taxation and social security5,6923,316
Other creditors517,526
Accrued liabilities and deferred income4,4314,725
Total104,72376,487
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
12.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)9,111-
Total9,111-